SB 1287 Summary

• Amends section 44-1844 of Arizona Revised Statutes to modify exemptions from securities registration requirements for various types of transactions.

• Changes the holding period for sales of exempt securities from nine months to six months after the issuer's last sale to an Arizona resident before the sale is considered an isolated transaction.

• Adds new intrastate offering exemption allowing Arizona residents and businesses to raise up to $1 million (or $2.5 million with audited financials) through internet platforms with escrow requirements, investor certifications, and quarterly reporting obligations.

• Expands exemptions for precious metals transactions and commodity investment contracts, and clarifies exemptions for certain corporate reorganizations and institutional investor transactions.

• Authorizes the director to adopt rules aligned with federal securities regulations (17 Code of Federal Regulations section 230.504) and revise them to maintain consistency with federal law.